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LaSalle fund buys Ottawa multifamily, Brantford industrial
LaSalle fund buys Ottawa multifamily, Brantford industrial
LaSalle Investment Management’s LaSalle Canada Property Fund (LCPF) has topped $1 billion in value and made two major acquisitions, a half million square foot Southern Ontario industrial property and interest in a 315-unit apartment development in downtown Ottawa.
Indian tech company plans new downtown Mtl. office
India’s Tata Consultancy Services is expanding its Montreal footprint by moving into a new downtown workspace at 1255 Phillips Square, just off Ste-Catherine St. The information technology company plans to hire about 100 employees immediately, and more than 500 over three years.
Chamber to set up ‘Airbnb’ of Mtl. office towers
• La Presse • Montreal Gazette
The Chamber of Commerce of Metropolitan Montreal is setting up a virtual “Airbnb of office towers” to connect companies linked to an overly large commercial lease and those who would like to settle downtown, but who could not afford it.
Downtown Montreal office sector ‘disaster’: Devencore
• Global News • RENX
The vacancy rate of commercial office space in downtown Montreal was 12.1 per cent in Q4, the highest in three years according to a Devencore report. “No one saw this coming. It’s a disaster,” said Devencore president/CEO Jean Laurin.
Ontario scales back proposed Yonge subway extension
Ontario is scaling back its plan for an extension of Toronto’s subway system into Richmond Hill, reducing the number of stations and putting less of it underground in a bid to rein in soaring cost projections.
Meatless Farm to open first Canadian plant in Calgary
U.K.’s Meatless Farm has launched plant protein ingredients subsidiary Lovingly Made Ingredients that will operate out of a flagship facility in Calgary. The 30,000-square-foot plant will have the capacity to produce up to 14,500 tonnes of plant protein ingredients by 2023.
Dolyn proposes seven-storey mixed-use Ottawa building
Ottawa builder Dolyn Construction has proposed a seven-storey mixed-use development at 397 and 399 Winston Ave. in Ottawa’s Westboro neighbourhood. The GRC Architects-designed project would feature a total of 42 apartment units as well as two commercial spaces on the ground floor.
Benchmark B.C. adds over 700 buildings in a year
With the City of Vancouver set to mandate building energy use and emissions benchmarks by 2025, many owners and managers in the province are getting a head start on the process thanks to a public-private partnership known as Building Benchmark BC.
Sandpiper increases position in Artis to over 12%
• Canada Newswire • RENX
Sandpiper Group has increased its position through Sandpiper Real Estate Fund 4 Limited Partnership, together with its joint actors, in Artis REIT (AX-UN-T) to over 12 per cent. Sandpiper believes the units of Artis are undervalued and represent an attractive investment opportunity.
How Empire crafted $357M deal for Longo’s
• Financial Post • RENX
Empire’s (EMP-A-T) Michael Medline was looking for a place last summer to meet with the head of a rival chain. It was a sensitive meeting about a potential acquisition, so it had to happen someplace where they wouldn’t know anyone.
Fuel demand slump drags down Couche-Tard’s revenue
• Reuters • Canada Newswire • Toronto Star
Laval’s Alimentation Couche-Tard Inc. (ATD-A-T) fell short of third-quarter revenue estimates, as people staying at home led to a steep decline in demand for fuel that overshadowed gains from selling more wine and snacks.
REOC fourth-quarter financial results
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Fiera Capital Corp., (FSZ-T), Canada Newswire
Melcor Developments Ltd., (MRD-T), Globe Newswire
Ivanhoé, Lendlease pay $67M for life sciences project
• Ivanhoé Cambridge media release • RENX
A partnership between Montreal-based Ivanhoé Cambridge and Lendlease has acquired one of the last vacant parcels at New Balance Development Group’s Boston Landing campus, for $67 million. The 1.2-acre site is fully approved to accommodate a 320,000-square-foot life sciences development.
BentallGreenOak JVs on 1M-sq.-ft U.K. logistics site
• Property Funds World • Insider • BentallGreenOak media release
BentallGreenOak (BGO), a global real estate investment management adviser and provider of real estate services, and Equation Properties have acquired a 60-acre development site in Avonmouth. It will be developed across three phases with units ranging from 40,000 to 560,000 square feet.
Digital Realty sells data centres for $674M
Ascendas REIT will be acquiring, from subsidiaries of Digital Realty Trust Inc. (DLR-N), a portfolio of 11 European data centres for $674 million US, the Singaporean company’s manager, Ascendas Funds Management announced Wednesday. The deal was expected to close the same day.
Lennar forming $4B U.S. single-family rental platform
• PR Newswire • Real Estate Weekly
Lennar Corporation (LEN-N), one of the U.S.’ largest homebuilders, announced the formation of the Upward America Venture, which will be positioned to acquire over $4 billion of new single-family homes and townhomes from Lennar and potentially other homebuilders.
Parking a flashpoint in housing density disputes
• Globe and Mail (Sub. required)
The Toronto city council motion “Realignment of Permit Parking Area 8D to exclude the development located at 1327-1339 Queen Street East” came as a punch to the gut for Rockport Group, which had proposed The George condos on the site.
Starbank proposes 11-storey condo development
Starbank Group of Companies has proposed a 11-storey condo-apartment building at 420 Lakeshore Rd. E. in Mississauga. The proposed project, which exceeds the city’s 2015 Lakeview Local Area Plan limiting buildings’ heights to two to four storeys, would include 166 residential units.
PCI Developments plans market rental building
• urbanYVR
PCI Developments is planning a six-storey, secured market rental building on Vancouver’s East Hastings. The new building will contain 56 secured market rental units, including studios, one, two and three-bedroom apartments. The ground floor will include retail units and a restaurant.
Vancouver real estate gains lag N.A. markets
Greater Vancouver’s pandemic home price gains have lagged behind most other Canadian jurisdictions as well as those in the U.S. in stark contrast with the region’s unprecedented increases in the mid-2010s, when the provincial government intervened on foreign demand.
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